Vodavi Tech drops in wake of Q4 report

MichaelBaron

NEW YORK (CBS.MW) -- Vodavi Technology
vtek
shares slumped more than 11 percent to $6.80 in morning trades. After Monday's closing bell, the Phoenix-based provider of business telecommunications products posted a fourth-quarter profit of $359,000, or 9 cents per share, up from its year-ago earnings of $29,000, or a penny per share. Revenue rose 24 percent in the latest three months to $10.6 million from $8.5 million in the same period a year earlier. Thomson First Call doesn't publish a mean estimate for the company's results.

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